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Aug. 1, 2021, 9:01 p.m. EDT

Bitcoin rallies above $40,000, then pulls back again

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By Mike Murphy

The price of bitcoin surged above the $40,000 level over the weekend for the first time since mid-May, but the rally started to stumble Sunday.

Bitcoin /zigman2/quotes/31322028/realtime BTCUSD -0.32% peaked above $42,000 on Saturday, according to Coindesk data, but by Sunday evening, had retreated to around the $39,600 level.

The world’s largest cryptocurrency has surged since dipping below $30,000 on July 20, partly because investors see it as a hedge against inflation and currency values if and when the Federal Reserve starts tapering its $120 billion-a-month asset purchases.

Other cryptocurrencies followed bitcoin’s lead, falling Sunday after a streak of daily gains. Ethereum /zigman2/quotes/108573964/realtime ETHUSD +1.29% was recently trading off about 5% on the day, while dogecoin /zigman2/quotes/226077044/realtime DOGEUSD -0.54% was down about 3.5%, according to Kraken data.

While bitcoin is about flat over the past five days, it’s up 14% over the past month, and up 38% year to date, even though it’s off around 40% from its all-time high around $65,000 in April.

US : CoinDesk
-154.28 -0.32%
Volume: 0.00
Sept. 18, 2021 9:04p
US : Kraken
+43.95 +1.29%
Volume: 99.27M
Sept. 18, 2021 8:04p
US : Kraken
-0.0013 -0.54%
Volume: 12.04M
Sept. 18, 2021 9:02p

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